"Even as domestic inflation over the policy horizon remains within target, measured adjustments may be warranted given external developments including the heightened geopolitical risks that could results in volatility in international commodity prices," Bangko Sentral ng Pilipinas Governor Amando Tetangco said in a mobile phone text message to reporters.

He said the central bank considers as ideal "early measured adjustments" in monetary policy.

Tetangco issued the statement ahead of the central bank's policy-setting meeting on March 27.